Petrobras in deal to acquire Perez Companc

MikeMaynard

In a deal involving a pair of Latin American oil companies, Petroleo Brasileiro announced an ageement Monday to buy a majority interest in Argentina's Perez Companc. Terms call for Petrobras, Brazil's largest corporation, to pay consideration totaling more than $1.12 billion in cash and notes for Perez Companc's Class A and B shares. Pending completion, Petrobras will acquire 58.6 percent of the capital stock of Perez Companc. Publicly held shares of Perez Companc, representing 1.79 percent of the company, trade on the Buenos Aires and New York stock exchanges. U.S.-traded shares of Perez Companc gained by 3.7 percent to $6.17 in recent dealings. The shares traded as high as $6.50 earlier in the session. Petrobras saw its U.S.-traded shares drop 5.8% to $15.26.

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